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Doing Business in Malaysia 2019 CONTENTS Doing business in Malaysia 2019 CONTENTS Disclaimer This Guide includes information obtained or derived from a variety of publicly available sources. PwC has not sought to establish the reliability of these sources or verified such information. All such information is provided “as is” and PwC does not give any representation or warranty of any kind (whether expressed or implied) about the suitability, reliability, timeliness, completeness and accuracy of this publication. This publication is for general guidance only and should not be construed as professional advice. Accordingly, it is not intended to form the basis of any decision and you are advised to seek specific professional advice on any transaction or matter that may be affected by this publication before making any decision or taking any action. PwC | Doing Business In Malaysia 2019 2 Foreword CONTENTS Malaysia has over the last 60 years developed Since its change of government in May 2018, the Malaysia, an from a primary commodities exporter (e.g. oil and new government has spearheaded multiple gas and palm oil) to a strong industrial base for initiatives to improve governance of public attractive multinational corporations in electrical and institutions. With these reforms, the government is electronics, and petroleum and chemical products. focused on instilling confidence among foreign regional hub for investors with greater transparency and In the last decade, as it moved up the industry accountability. value chain, Malaysia has emerged as an services attractive regional hub for services, including This Guide has been prepared to assist those financial services, information and interested in doing business in Malaysia. The communications technology (ICT) and logistics coverage of the subjects is not exhaustive but is sectors. intended to deal with some of the more important and/or broad questions that may arise. Malaysia is increasingly being recognised as an innovative international Islamic financial centre. It The material contained in this Guide is based on is also emerging as a springboard for regional legislation as at 31 March 2019, unless otherwise expansion into Association of Southeast Asian indicated. Nations (ASEAN) in view of its strategic, central location and multilingual “Truly Asia” mix of Malay, Chinese and Indian populace. PwC | Doing Business In Malaysia 2019 3 Contents CONTENTS Chapter 1 Chapter 2 Chapter 3 Chapter 4 Investment Business formation and the Labour relations and Audit requirements and environment regulatory environment social security accounting practices ● About Malaysia ● Business formation: types of business ● Employment regulations ● Statutory requirements for ● Location advantage entities ● Unions Malaysian-incorporated companies ● Conducive business environment ● The Federal Government of Malaysia ● Working conditions, wages / salaries ● Statutory requirements for foreign ● Sustainable economic ● Regulatory environment for companies and statutory contributions companies carrying on business environment ● Court system ● Foreign personnel within Malaysia ● Diversified international trade ● Intellectual property rights ● Financial Reporting Framework ● Principal government agencies ● Controls on foreign exchange ● Auditing requirements in Malaysia Chapter 5 Chapter 6 Chapter 7 Business Taxation Personal Taxation Other Taxes ● Principal taxes ● Scope of taxable income ● Sales Tax ● Income tax ● Basis of assessment ● Service Tax ● Corporate tax system ● Residence status of individuals ● Import duties ● Tax administration ● Rates of tax ● Export duties ● Transfer pricing ● Employment income ● Excise duties ● Business reorganisations ● Exemptions and concessional tax ● Stamp duty ● Tax incentives treatment for expatriates ● Real Property Gains Tax ● Deductions ● Other levies and taxes ● Filing obligations and tax collection PwC | Doing Business In Malaysia 2019 4 CONTENTS Chapter 1 Investment environment PwC | Doing Business In Malaysia 2019 5 CONTENTS Investment environment Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 About Malaysia Located in Southeast Asia, Malaysia is a federal constitutional monarchy that shares Malaysia its borders with Singapore, Thailand, Indonesia and Brunei. It has a total land size of Country Snapshot just under 330,000 km², similar to that of Japan, Germany, Finland, Norway. Ethnically, it has a diverse and multicultural population (a total population of 32.6 Average GDP growth million), consisting mostly of Bumiputera (Malays and other indigenous people), 329,613 km² followed by Chinese and Indians. total land size 5.2% per year over the last 5 years As a former British colony, English is one of the most widely-spoken languages, especially in business. The national language of Malaysia is Malay, or Bahasa Malaysia. It also follows that its political structure and legal framework are largely Population GNI per capita based on British systems. 32.6 million US$10,449 Malaysia is considered one of the most developed developing countries in the world, and is classified as an upper-middle income country, with a GNI per capita of US$10,449. Other countries in this category include Mexico, Turkey and Brazil. Majority race is Bumiputera, Average inflation In the past 5 years, it has had consistent growth with an average GDP growth of accounting for 5.2% per year. It has also maintained a steadily low inflation rate, an average of 2.4% 2.4% per year over the last 5 years. 68.8% over the last 5 years of the population Sources: Department of Statistics Malaysia, EIU Viewswire, The World Bank, United Nations Statistics Division PwC | Doing Business In Malaysia 2019 6 CONTENTS Investment environment Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Location advantage Well-connected to major cities in Asia - within 8 hours flight from Mumbai in India to Beijing in China. 8 hour flight Centre of Southeast Asia - a market of 630 million people with a combined GDP of US$2.3 trillion 4 hour flight Next to one of the world's busiest shipping lanes - Straits of Malacca, providing access to the global supply 2 hour flight chain via two key Malaysian ports, Port Klang and Port of Tanjung Pelepas PwC | Doing Business In Malaysia 2019 7 CONTENTS Investment environment Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Conducive business environment Second most developed and An easy and cost-competitive place Multiracial (multicultural) population, competitive country in Southeast for doing business - ranked 15th and a young workforce to support your Asia, 25th globally - based on World globally on Ease of Doing Business by regional operations (people, languages Economic Forum’s Global World Bank Group and social patterns). Its three main races Competitiveness Index 2018 comprises of Malay3, Chinese and Indian. Upper-middle income country as Open to foreign investments - there is classified by The World Bank - GNI per a large presence of foreign companies capita of RM42,607 (US$10,449). (more than 5,000) here from more than The English language is commonly used in business On its way to becoming a ‘developed 40 countries, with a cumulative country’ (with a benchmark of US$12,055 investment (FDI stock) of US$144 2 GNI per capita), which The World Bank billion, as at June 2018 estimates will happen between 2020-20241. An established legal system - the Malaysian Constitution sets out the legal framework of the country. Malaysian law follows the legal system of the United Kingdom. 1 Source: World Bank (2017) Malaysia Economic Monitor, December 2017: Turmoil to Transformation: 20 Years after the Asian Financial Crisis, Washington, DC: The World Bank. 2 According to the International Trade and Industry Ministry of Malaysia and Bank Negara Malaysia (Malaysia’s central bank). 3 Malays share close similarities to Indonesians, e.g. in term of language and religion. PwC | Doing Business In Malaysia 2019 8 CONTENTS Investment environment Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Sustainable economic environment Stable economic growth and employment rate, despite the current global The economy is led by the services and manufacturing sectors, which is similar economic and trade uncertainty. to advanced economies. Wholesales & retail trade - 15.6% Finance & insurance - 6.8% Information & communication - 6.3% (a) actual (f) forecast Source: Bank Negara Malaysia Annual Report 2018 Source: EIU Viewswire PwC | Doing Business In Malaysia 2019 9 CONTENTS Investment environment Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Sustainable economic environment Low inflation and stable interest rates - provides for an accommodative High current account balance and trade surplus enhance the economy’s environment for doing business. capabilities to withstand external forex shocks. (a) actual (e) estimate (f) forecast (a) actual (e) estimate (f) forecast Source: EIU Viewswire Source: EIU Viewswire PwC | Doing Business In Malaysia 2019 10 CONTENTS Investment environment Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Diversified international trade Malaysia’s Trading Partners - Exports by relative size A broad range of trading partners - largest trading partners by volume include China, Singapore and United States. Malaysia is one of the most open economies in the world. It has the fourth highest trade to GDP ratio1 in East Asia partly due to its multiple Free Trade Agreements. ASEAN Australia Chile China India Japan
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